3-Unit Brick
New
For Sale
$349,900
32 Mariner Street, Buffalo, NY 14201
Residential, Buffalo, NY
Property Size2,327 SF
Lot Size0.06 Acres
Price / SF$150.37
Days on Market1
Property Features for 32 Mariner Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 1, Bathroom 2, Basement, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1
Parking features
Driveway
Patio and Porch features
Patio, Porch
Interior features
CeilingFans, PullDownAtticStairs
Exterior features
FullyFenced, Patio
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Historic District, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-111-210-0002-007-000
Size
2,327 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
3830
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
covered front porch
central air conditioning
French doors
private rear balcony
fully fenced yard
brick patio
Building Details
Year built
1920
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Carpet, Hardwood, Varies
Building materials
Brick, Cedar, CompositeSiding, CopperPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Joseph G Saccone · License #40SA1032884
(716) 870-6226
Added: Oct 1
Last Checked: Oct 1 at 8:06PM
MLS# B1718209
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,327-square-foot triplex, built in 1920, contains three apartments. The first-floor residence has two bedrooms, central air conditioning, a dining room, and a living room. Two additional apartments are located upstairs; one is vacant and has a remodeled kitchen, while the other includes a bedroom, kitchen, living area, and full bath. A covered porch, fenced yard, brick patio, and rear balcony add outdoor areas to the property. Brick and cedar are among the exterior materials, and the home has forced-air natural gas heat and driveway parking.
The property is at 32 Mariner Street in Buffalo’s Allentown neighborhood. Restaurants, shops, and cafes are identified nearby. The parcel measures 0.0574 acres, and public water serves the property.
The property is at 32 Mariner Street in Buffalo’s Allentown neighborhood. Restaurants, shops, and cafes are identified nearby. The parcel measures 0.0574 acres, and public water serves the property.
Key Highlights
- Three apartments in a 2,327‑square‑foot building
- Built in 1920; brick and cedar exterior
- First‑floor apartment has two bedrooms and central air conditioning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,090
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.60%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$461,800
$461.8K
Cap Rate 7%
$329,857
$329.9K
Cap Rate 9%
$256,556
$256.6K
Market Conditions
NOI Build-Up for 2,327 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$34.9K $15.00/SF
− Vacancy
−$1.9K −$0.83/SF
EGI
$33.0K $14.17/SF
− OpEx
−$9.9K −$4.25/SF
NOI
$23.1K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$461,800
Cap Rate 7%
$329,857
Cap Rate 9%
$256,556
Alternative Uses
Best Use
Multifamily LT 5
$329.9K
$288.6K – $384.8K
NOI $23,090 @ 7.0% cap · market cap 6.60%
Second Best
Apartment 5plus
$303.8K
$265.8K – $354.5K
NOI $21,267 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$559.6K
$489.7K – $652.9K
NOI $39,172 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,473
Businesses Nearby
Explore this area
Business Placement
Demographics for 14201, NY
12,364
Population
7,172
Households
1.7
Avg Household Size
33
Median Age
39%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
11,240
Density / Sq Mi
$34,204
Median Household Income
$34,081
Median Earnings
$953
Median Rent
$327,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate apartments include central air conditioning, a remodeled kitchen, and outdoor space.
Where is this triplex located?
The property is located at 32 Mariner Street Buffalo, NY.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Three apartments in a 2,327‑square‑foot building; Built in 1920; brick and cedar exterior; First‑floor apartment has two bedrooms and central air conditioning
